U.S. and Canadian companies secured a staggering $252.6 billion in seed- through growth-stage funding rounds per SA国际传媒 data. That鈥檚 more than 3x the total raised in the prior quarter, and the largest quarterly total of all time.

Predictably, artificial intelligence was the driver. More than 87% of Q1 investment went to companies in SA国际传媒 AI-related categories.

To say these are record funding tallies is somewhat of an understatement. It鈥檚 more like Q1 smashed the prior quarterly record 鈥� $95.7 billion 鈥� set in Q3 2021.

Just a single financing for was bigger than the prior quarterly record for all startup funding rounds put together. And the four next-largest financings totaled almost as much as the prior quarter, which at the time we considered a very strong period for startup funding.

So, in summary, it was a lot of money. For a more detailed picture, we drill down more deeply into how that largesse was distributed across stages and sectors. We also take a look at exits for the quarter, including both IPOs and acquisitions.

Table of contents

• AI
• Later stage and technology growth
• Early stage
• Seed
• Exits
• Big picture: A paradigm shift
• Methodology
• Glossary of funding terms

AI

We鈥檒l start with AI, since that鈥檚 where the overwhelming majority of the money went.

A staggering $221 billion went to North American companies in SA国际传媒 AI-related categories in the first quarter. That鈥檚 about 6x the AI investment total from the prior quarter, which was itself no slacker on this front.

For perspective, we charted out AI-related funding over the past 13 quarters to compare.

A few megarounds for high-profile companies accounted for most of the quarter鈥檚 AI funding, led by OpenAI, , and .

Later stage and technology growth

These same names factor heavily in tallies for late-stage and technology-growth funding, which comprised the vast majority of total startup investment.

Per SA国际传媒 data, $222.4 billion 鈥� or 88% of all North America startup investment 鈥� went to rounds at these stages. That鈥檚 more than 5x the prior quarter鈥檚 tally, and more than triple year-ago levels.

The gains were driven by bigger deals, not more of them. Later- and growth-stage round counts were actually down a smidge sequentially in Q1. For perspective, below we chart round counts and investment totals at this stage for the past five quarters.

Enormous rounds for AI companies accounted for a majority of the late- and growth-stage totals. The biggest of these was OpenAI鈥檚 record-setting $110 billion February financing led by , and . The generative AI giant topped it off with a raise in March.

Anthropic secured the quarter鈥檚 next-biggest late-stage financing 鈥� a $30 billion February Series G 鈥� followed by xAI, which announced a $20 billion Series E in January. landed another of the quarter鈥檚 very big deals, with a $16 billion February Series D.

Early stage

Early-stage investment was also running high in Q1, albeit not setting records.

Overall, investors put $25.1 billion into deals around Series A and Series B stage in the first quarter. That鈥檚 up 17% from the prior quarter and 56% from year-ago levels. It鈥檚 also the highest quarterly total in over three years, though still below peaks scaled in 2021.

Early-stage round counts, meanwhile, were down a bit, indicating investors鈥� increasingly concentrating their bets among perceived star performers.

As usual, a few jumbo-sized deals significantly boosted the early-stage totals. For Q1, this included four rounds of $500 million or more.

Of these, Austin-based humanoid robotics startup was the biggest fundraiser, pulling in $520 million in a February Series A. Three other companies secured $500 million financings: AI infrastructure developer , semiconductor startup , and industrial robotics-focused .

Seed

Seed-stage investment, meanwhile, did not show an upswing but remained at historically robust levels.

Per SA国际传媒 data, an estimated $5.1 billion went to seed and pre-seed investments in Q1. That鈥檚 roughly flat with the prior quarter and up a bit from year-ago levels.

Seed round counts declined in Q1, both sequentially and year over year. However, we expect these tallies to rise some over time, along with investment totals, as seed deals commonly get added to the data set weeks after they close.

Exits

Exit activity was fairly staid in comparison to the high-rolling startup fundraising environment.

That said, the IPO market did boast a few sizable startup debuts. Of these, the largest was the January IPO of construction equipment rental marketplace , followed by space tech company , and crypto platform .

Below, we aggregated a list of 12 private, venture-backed companies that carried out IPOs on U.S. exchanges.

Acquirers also announced several large deals to purchase venture-backed private companies.

The priciest planned M&A deal was 鈥檚 agreement to purchase business credit card provider for $5.15 billion. Biotech also delivered some large outcomes, including 鈥檚 planned acquisition of RNA therapeutics startup , and 鈥� purchase of allergy treatment startup .

Below, we put together a list of five of the quarter鈥檚 biggest M&A deals.1

Big picture: A paradigm shift

Having written many of these funding reports over the years, it鈥檚 common for one quarter to quietly blur into another. Not so for Q1 of 2026.

The just-ended quarter cemented a notion that startup insiders have been circling for some time: Private markets now have the capital stores and appetite for ultra-high valuations to rival public markets. For evidence, look no further than OpenAI鈥檚 $122 billion raise at a valuation higher than all but a handful of the largest large-cap technology companies.

IPO enthusiasts may pine for a future period when these most sought-after foundational AI names finally do make it to public markets. But for now, they鈥檝e demonstrated there are plenty of investors willing to shell out billions in private offerings as well.

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Methodology

The data contained in this report comes directly from SA国际传媒, and is based on reported data. Data is as of March 31, 2026.

Note that data lags are most pronounced at the earliest stages of venture activity, with seed funding amounts increasing significantly after the end of a quarter/year.

Please note that all funding values are given in U.S. dollars unless otherwise noted. SA国际传媒 converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to SA国际传媒 long after the event was announced, foreign currency transactions are converted at the historic spot price.

Glossary of funding terms

Seed and angel consists of seed, pre-seed and angel rounds. SA国际传媒 also includes venture rounds of unknown series, equity crowdfunding and convertible notes at $3 million (USD or as-converted USD equivalent) or less.

Early-stage consists of Series A and Series B rounds, as well as other round types. SA国际传媒 includes venture rounds of unknown series, corporate venture and other rounds above $3 million, and those less than or equal to $15 million.

Late-stage consists of Series C, Series D, Series E and later-lettered venture rounds following the 鈥淪eries [Letter]鈥� naming convention. Also included are venture rounds of unknown series, corporate venture and other rounds above $15 million. Corporate rounds are only included if a company has raised an equity funding at seed through a venture series funding round.

Technology growth is a private-equity round raised by a company that has previously raised a 鈥渧enture鈥� round. (So basically, any round from the previously defined stages.)

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These in-between exits don鈥檛 generate a lot of buzz, but collectively they add up to a tidy sum. Last year, for instance, U.S. startup purchases under $300 million听1 brought in about $8.7 billion altogether, SA国际传媒 data shows.

These small and mid-sized deals are not a long-term growth area for M&A, by many measures. The total deal value of purchases between $100 million and $300 million last year was still below levels routinely reached nearly a decade ago, as charted below.

Moreover, the total value can add up to just a fraction of a single, larger exit. 鈥檚 $32 billion purchase of , for instance, is worth more than 4x all these sub-$300 million deals put together.

Even so, we鈥檙e up from prior lows. Startup purchases in this range hit a low point a couple years ago and have rebounded since, with this year off to a brisk start as well.

Smaller deals shrink more

Smaller disclosed-price acquisitions of under $100 million are also well below peak. The volume and value of these deals hit a low in 2024 and has made somewhat of a comeback since, as charted below.

These sub-$100 million purchases are a mixed bag for returns. Investors might recoup solid profits from companies that raised a few million in seed funding and sold for prices in the tens of millions.

In other cases, startups sold for considerably less than the sums they raised in venture investment. Using SA国际传媒 data, we aggregated a few examples of such deals from the past year. It includes companies with known struggles, such as , which filed for bankruptcy before selling to an acquirer this month.

No power buyers

Notably, there is no 鈥減ower acquirer鈥� for small and mid-sized startup purchases. Out of 181 sub-$300 million startup acquisitions since 2024 there was no buyer with more than two such deals, per SA国际传媒 data.

That said, there are companies with a larger number of funded startup purchases, just without reported prices for all or most. Examples include , , , , , and , among others.

When price isn鈥檛 disclosed, it鈥檚 hard to gauge how founders and investors fared on the deal. That said, most of the more active buyers can certainly afford to pay well. Whether they choose to do so is another matter.

*This is only disclosed-price purchases. Most startup acquisitions do not have a disclosed price.

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• SA国际传媒 Predicts: Why The Race For Talent And Tech Could Accelerate Startup M&A In 2026
• M&A The Highest On Record For Unicorn Exits In 2025

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Sure, it鈥檇 be wonderful to have autonomous machines adept at cleaning the house, harvesting and preparing food, running warehouses and performing a host of generally thankless and burdensome jobs. But must they look like us too?

For many startups, the answer to this question is 鈥渘o.鈥�

While humanoid robots startups like and have drawn headlines in recent months for big and flashy , an array of companies working on less-anthropomorphic designs have also secured considerable investment. These include four-legged models, AI-enabled appendages and skilled swimmers.

The non-humanoid bot startups getting funded

To illustrate, we used SA国际传媒 data to assemble a sample list of 26 companies in the non-humanoid robot startup sector that have raised rounds in the past few quarters. It鈥檚 a varied lot, with focus areas ranging from farming to pool cleaning to massaging.

Bots around town

The list also features a mix of consumer-facing and industrial use cases, and we figured we鈥檇 start by highlighting the first category. It鈥檚 not that these bots are necessarily more useful, but rather that being out in public does make it a bit more fun to contemplate.

If recently funded startups have their way, some of the bots we see in action could be taking on more of the everyday drudgery currently shouldered by humans.

Cleaning is one of the big areas. China-based , which closed a $100 million Series E in April, makes robot vacuums and mops and touts its 鈥�,鈥� LiDAR navigation and embedded dirt sensor. San Francisco-based , meanwhile, has raised $300 million since last year to iterate its vision of robots for household chores but has not yet released a prototype.

Pool-cleaning, an area already long-dominated by autonomous machines, is also set for an AI era upgrade, with two China-based companies pulling in rounds of $140 million each this year. , which closed its round in September, markets its $3,000 model as the 鈥渨orld’s first AI-powered 5-in-1 robotic pool cleaner.鈥� Rival charges $1,700 for its Scuba Max Pro, which features smart pool mapping and a dedicated app.

And for those who need some pampering after a long day of not cleaning the pool, massage bot startup offers another spending option. The New York-based company secured $83 million in March to its customizable, 鈥渇ully autonomous, AI-driven massage鈥� offering.

Bots behind the scenes

While we may enjoy gawking at the still-unusual sight of a bot in public making a latte or delivering a restaurant meal, the bulk of funded companies in the non-humanoid bot space are working on models that will do their work behind the scenes.

Surgical robots have long been one of the more heavily funded areas, and this holds true for recent investment as well. The largest fundraiser on our list, U.K.-based , developer of a soft tissue surgical robot, has secured $1.1 billion in known funding to date, including a $200 million April . Israel-based , developer of a robotic platform for ophthalmic surgery, is also scaling up, closing a $125 million Series B in June.

On the industrial front, Swiss startup has raised more than $150 million to develop a four-legged bot optimized for inspections, capable of climbing stairs and avoiding obstacles.

And , which closed a $100 million Series C this summer, is working on appendage-like, AI-enabled robots that can be adapted for multiple industries.

Agtech also emerged as a favored area for investment. , based in Switzerland, has raised a couple hundred million for precision crop spraying, while Seattle-based is working on technology to kill weeds with lasers.

Won鈥檛 mistake it for a human

Of all the above-mentioned startups, none appear to be working on anything that could be remotely confused for a human, even from a distance. This seems logical, considering that so many jobs people have historically done don鈥檛 seem ideally suited to our particular form.

If all goes well with these non-humanoid robot startups, perhaps it would leave us humans free to spend more time doing the activities that do seem optimally suited to our form. Sitting on the couch would be high on this author鈥檚 list, though I鈥檓 sure others could find many more productive pursuits.

Related SA国际传媒 list:

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It鈥檚 also the kind of space where automation-focused investors see some opportunity. This was evidenced last week by a $29 million Series B for , a British Columbia-based startup making robots that can autonomously pick, trim and pack mushrooms all day and night.

Mushrooms, of course, aren鈥檛 the only agricultural sector where the combination of high consumer demand, labor scarcity and increasingly sophisticated automation options are creating a compelling proposition for investors. In areas from lettuce harvesting to beekeeping, ag automation-related startups have raised billions to date.

While many earlier investments haven鈥檛 panned out, particularly around indoor farming, there鈥檚 still quite a bit of recent dealmaking tied to agricultural automation. To illustrate, we used SA国际传媒 to curate a list of 15 such companies that have raised rounds in the past year.

Largest funding rounds

Many of those are big rounds too.

Among them, the largest recent investment recipient hails from the leafy greens space. Ohio-based , a developer of AI- and robotic-enabled indoor farms, raised $115 million in a February venture round backed by and other investors. The 10-year-old startup, which has raised $390 million to date, also announced the acquisition of Plantae Biosciences, an Israeli plant breeding technology startup.

, a Seattle-based maker of AI-powered robotics technology for weed control and automating tractors, was another funding favorite, landing $70 million in an October Series D led by .

And , an Israeli startup that provides 鈥減ollination as a service鈥� to growers, picked up $50 million in a June Series D. The company makes portable 鈥渂ee homes鈥� equipped with cameras, a robotic arm, sensors and other tech that allows it to carry out tasks normally performed by a beekeeper.

AI, automation and robotics are hot spaces

It helps that AI, automation and robotics are hot spaces for venture investment lately. Per SA国际传媒 data, artificial intelligence-related companies raked in a staggering 45% of all global venture investment in the second quarter. Robotics-related funding is also on the rise.

In tandem, over the past few quarters we鈥檝e seen a plethora of jumbo-sized rounds for companies applying AI and robotics to do jobs traditionally done by humans in areas like housecleaning, construction and manufacturing. Agriculture, a sector that鈥檚 been incredibly efficient for over a century in getting machines to do humans鈥� work, clearly isn鈥檛 finished with this process either.

Agtech, by comparison, is not so hot

While robotics and AI may be sought-after sectors for startup investors, agtech has been weaker in the past couple years.

Per SA国际传媒 data, startups in agriculture and agtech categories have pulled in about $2.4 billion so far in 2025 鈥� roughly flat with year-ago levels. Funding is still nowhere close to the 2021 peak, as charted below.

Recent quarterly funding has been more up-and-down.

Long term more predictable than short

When it comes to agtech 鈥� and many other sectors for that matter 鈥� it鈥檚 often said that it鈥檚 easier to predict trends over a long time horizon than a short one.

Long term, it seems overwhelmingly likely that we鈥檒l see machines take over more and more of the tasks still left for humans. Mushroom-picking jobs, even if you wanted one, could be hard to come by.

In the shorter term, however, it鈥檚 notoriously difficult to project just how much time it will take for a technology to scale. Smartphones were ubiquitous just a few years after launch. Autonomous vehicles, meanwhile, have been overpromising and under-delivering for decades.

And as for agtech, much may depend on investors’ tolerance for risk as companies with compelling technologies vie to establish the pricing levels and market demand that enable them to grow into something big.

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• Q2 Global Venture Funding Climbs In A Blockbuster Quarter For AI And As Capital Concentrates In Larger Companies
• Robotics Startup Funding Rises

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Currently, an estimated 517 global unicorns 鈥� or private companies valued at $1 billion or more听1 鈥� raised their last known round more than three years ago, per SA国际传媒 . Such companies are particularly abundant in certain sectors, including enterprise software, fitness, commerce, AI and analytics.

The accumulation comes amid a sluggish period for tech IPO filings and large acquisitions. So far this year, we haven鈥檛 seen any tech unicorns go public 鈥� even those in hot spaces that recently raised big rounds.

In addition, the amount of money that went into long-unfunded unicorns is substantial. Per SA国际传媒 , the ones on our list collectively raised more than $260 billion, with $80 billion of that secured by U.S. unicorns.

Below, we take a closer look at the sectors where much of the money went, with a focus on U.S. unicorns.

SaaS

At least haven鈥檛 raised a round since 2021.

It鈥檚 not hugely surprising. SaaS overall has had a challenging couple of years, with a market correction, belt-tightening by corporate customers, slower growth rates, and pressure to incorporate AI technology.

The list of long-unfunded SaaS unicorns includes some prodigious fundraisers. The biggest was equity and fund management software platform , with $1.16 billion in funding to date. The San Francisco company secured a $7.4 billion valuation three years ago, but was last year at a fraction of that.

Others include cybersecurity providers and , which previously raised $775 million and $730 million in equity funding, respectively.

Below, we put together a list of 10 of the largest SaaS fundraisers that have not had a reported round since 2021.

Shopping

People haven鈥檛 stopped shopping, but unicorns tied to e-commerce and consumer brands have certainly been securing less funding.

Per SA国际传媒 data, there are at least 36 U.S. unicorns in e-commerce and shopping industry categories that haven鈥檛 raised a round since 2021. Collectively, they pulled in over $14 billion in equity investment. Given that many of these are consumer-facing brands, the list includes some familiar names.

Among the biggest fundraisers is Miami-based , a cloud kitchen startup that raised a $700 million round in late 2020, before the space fell out of favor. Another is , a platform for running cannabis dispensaries, an area that has fared poorly for startup investors.

Below, we put together a list of seven of the largest commerce-related fundraisers that have not had a reported round since 2021.

Fitness and wellness

Fitness and wellness was a robust area for unicorn creation a few years ago. These days, the fitness space in particular is attracting far less investment, and many heavy fundraisers from a few years ago aren鈥檛 getting fresh rounds.

Per SA国际传媒 data, about a dozen U.S. unicorns tied to fitness and wellness have not raised听 a round since 2021. At the top of the list is weight loss platform , which raised $540 million at a $3.7 billion valuation in 2021. Since then, the New York company has carried out multiple rounds of layoffs.

Smart exercise bike brand raised its last reported round 鈥� a $450 million 鈥� in 2020. And in the wellness space there鈥檚 , a mental healthcare platform that raised $462 million from and others between 2020 and 2021.

Below, we put together a list of seven fitness and wellness-related unicorns that have not had a reported round since 2021.

AI and analytics

AI and analytics are still very hot spaces for venture funding, so it鈥檚 not where we looked first for examples of unicorns that haven鈥檛 raised for a few years. In reality, however, there are still a lot of companies in these categories that fit our criteria.

Per SA国际传媒 data, at least 56 U.S. unicorns in analytics or AI-related industries have not raised a round since 2021. Previously, this group had raised more than $18 billion.

It鈥檚 not necessarily an indication that these companies have fallen out of favor. While some are struggling, others appear to be still in growth mode. Many are likely still funding operations with capital raised a few years back.

Below, we put together a list of AI, data and analytics-related unicorns that last raised funding in 2021 or earlier.

To panic or not to panic

For investors, the growing buildup of long unfunded unicorns isn鈥檛 necessarily reason to panic. Many raised huge rounds during the market peak, providing cash to get through dry years. And some should still produce enviable returns. Just look at , the star performer among last year鈥檚 IPOs, which raised its last venture round in 2021.

On the other hand, there are reasons why panicking would make sense. Typically, startups that raise follow-on rounds do so within three years. For the most sought-after companies, it often takes just months. Once a company has gone four years without fresh capital, meanwhile, the odds of raising a new round are slim, an analysis of Series B fundraising showed.

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• Cannabis Funding Is Still Way Down From Its Highs
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Among them was 听smart car subsidiary , valued at $16 billion. That dollar amount represents听 the second-largest value for a newly minted unicorn this year 鈥� trailing only听 , which was valued at $24 billion in May when it joined the board.

The eight new unicorns in August added $25 billion in value to the board. To date in 2024 $152 billion in value was added by 79 new unicorns.

In 2023, 99 companies joined the board, collectively valued at $176 billion as of the most recent valuations. The most highly valued new unicorn from 2023 is currently valued at $19 billion.

Here are the new unicorns in August by sector.

Transportation

• Yinwang Smart Technology, a Huawei subsidiary based in Shenzhen, raised $1.6 billion each from electric vehicle brands and . The less than 1-year-old company was valued at $16 billion.
• Bangalore-based electric two-wheel vehicle manufacturer raised $71 million at a $1.3 billion valuation led by government-backed . It competes with , another India-based unicorn which went public in August.

Web3

• , a blockchain technology to protect intellectual property rights for content creators, raised an $80 million Series B led by . The 2-year-old Bellevue, Washington-based company was valued at $2.25 billion.

AI

• Mountain View, California-based AI coding platform raised a $150 million Series C led by . The 3-year-old company was valued at $1.25 billion.

Privacy and security

• San Mateo, California-based , a secure content company, raised a $456 million funding led by and . Previously known as Accellion, the 24-year-old company was valued at more than $1 billion.

Agtech

• Los Angeles-based , a global berry producer using genetics and AI, raised $100 million in funding from private equity firm . The 11-year-old company was valued at $1 billion.

Sales and marketing

• , which develops AI for customer support and other uses, raised a $101 million series A led by , 1听补苍诲 . The 3-year-old Palo Alto, California-based company was valued at $1.2 billion.

Real Estate

• , an AI-powered property management communication platform, raised a $75 million Series D led by . The 7-year-old New York-based company was valued at just over $1 billion.

And one we missed

• 鈥檚 stealth startup , founded in April this year, raised $100 million from in July at a within months of its founding. The company plans to . It raised an earlier round from Andreessen Horowitz and .

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• (1,545)

• (79)
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• (491)
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• (471)

Methodology

The SA国际传媒 Unicorn Board is a curated list that includes private unicorn companies with post-money valuations of $1 billion or more and is based on SA国际传媒 data. New companies are as they reach the $1 billion valuation mark as part of a funding round.

The unicorn board does not reflect internal company valuations 鈥� such as those set via a 409a process for employee stock options 鈥� as these differ from, and are more likely to be lower than, a priced funding round. We also do not adjust valuations based on investor writedowns, which change quarterly, as different investors will not value the same company consistently within the same quarter.

Funding to unicorn companies includes all private financings to companies that are tagged as unicorns, as well as those that have since graduated to .

Exits analyzed here only include the first time a company exits.

Please note that all funding values are given in U.S. dollars unless otherwise noted. SA国际传媒 converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to SA国际传媒 long after the event was announced, foreign currency transactions are converted at the historic spot price.

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding rounds here.

Another active week as far as nine-figure rounds go. Seven startups locked up rounds of $100 million or more 鈥� including an agtech firm for the second week in a row and a Sphere-like entertainment startup.

1. , $250M, entertainment: Entertainment and technology are intersecting more than ever 鈥� and Cosm is just the latest example. The Dallas, Texas-based Sphere-like immersive tech and entertainment company locked up a raise of more than $250 million from the likes of and . The new round values the company at more than $1 billion. Cosm offers guests an immersive dome that allows a shared reality experience, usually with something regarding sports. The company already has a venue in Los Angeles and plans for others in Dallas and Atlanta.

2. , $200M, supply chain management: Altana AI, a supply chain management startup, locked up a $200 million Series C investment led by the that values the company at $1 billion. The New York-based startup鈥檚 supply chain management platform gives customers deep insights and visibility into managing their global value chains 鈥� from the sourcing of raw materials to production to sale. Such oversight has become necessary as governments and organizations have introduced new trade restrictions, climate, national security and other policies. Much like most startups that raise big money in the current environment, Altana has an AI play. The company鈥檚 platform uses AI to analyze data points through the supply chain to spot anomalies and risks. Founded in 2018, the company has raised $322 million, . Before the new round, it last raised a $100 million Series B led by in 2022.

3. , $150M, loyalty rewards: Wasn鈥檛 it just seven or so months ago Bilt was here? It was. Bilt Rewards raised a $200 million round led by at a $3.1 billion valuation just in January 鈥� more than doubling its value after its fundraising in 2022. Well, the loyalty startup is back, this time with an additional $150 million round led by . The New York-based startup allows consumers to earn rewards on the rent they pay. Bilt plans to use some of the proceeds to expand its network to include local dining, grocery stores, ridesharing and other retail purchases. Founded in 2021, the company has raised a total of $711 million, .

4. , $144M, biotech: The big biotech raise of the week came from Outpace Bio. The Seattle-based startup, a cell therapy company combatting solid tumors, raised a $144 million Series B led by . The biotech uses AI-powered protein design to program immune cells battling tumors. Founded in 2020, Outpace has raised approximately $200 million, per the company.

5. (tied) , $100M, agtech: Agtech has been on a little bit of a roll of late when it comes to startups locking up big rounds. Los Angeles-based Agrovision is the latest. The agtech startup closed a $100 million round at a valuation of $1 billion, per a . The new round was led by . Agrovision is a grower, packer, shipper and marketer of superfruits such as cherries and berries, selling its fruit under its branded Fruitist and Big Skye labels. The company also uses some tech in its growing 鈥� using proprietary genetics and data analytics. Just last week, 鈥� the creator of a fully electric, driver-optional smart tractor 鈥� raised a $133 million Series C co-led by and . Perhaps these two rounds can wake up the somewhat sleepy agtech sector. Thus far this year, agriculture and farming startups have raised only $2.3 billion in a meager 365 deals, according to SA国际传媒 . That pace is slower than last year, when similar startups raised $4.6 billion in 944 deals.

5. (tied) , $100M, mental health: Mental health funding has been as hot as the weather the past few weeks. Mental Health became the latest startup in the sector to raise big, locking up a $100 million Series E at a听 $3.3 billion valuation 鈥� a 65% increase from the $2 billion valuation it received in 2021 after a $190 million in Series C. The new round was led by . Founded in 2016, the company has raised nearly $467 million, . Spring Health partners with employers to provide mental health services to their employees. The company also uses artificial intelligence to help members get care faster. Just in the past several weeks, mental health has seen its biggest raises of the year. Along with Spring Health, New York-based , a psychiatric care startup, $130 million in mid-June. The round consisted of a combination of Series C equity financing led by and debt financing from . Then, just last week, mental healthcare platform closed a $100 million Series D led by . The new funding values the company at $2.3 billion 鈥� a 130% increase just from October when it raised a $125 million Series C at a $1 billion valuation. While well off its 2021 high, mental health funding has remained relatively stable this year.

7. , $80M, biotech: Waltham, Massachusetts-based Jade Biosciences, a biotechnology company developing therapies for patients living with autoimmune diseases, closed an $80 million financing led by and . It is the company鈥檚 first disclosed round, .

8. (tied) , $60M, biotech: Cambridge, Massachusetts-based biotech company AiRNA, a biotech company developing RNA editing therapeutics, raised a $60 million financing round led by . Founded in 2021, the company has raised $90 million, .

8. (tied) , $60M, cybersecurity: Seattle-based Protect AI, an artificial intelligence and machine learning security company, closed a $60 million Series B led by . Founded in 2022, Protect AI has raised a total of $108.5 million, per the company.

10. , $56.1M, insurance: Boston-based Gradient AI, an AI-enhanced insurance software provider, raised a $56.1 million Series C led by . Founded in 2012, the company has raised more than $123 million, .

Big global deals

The biggest round outside the U.S. this week came from across the pond.

• London-based , a provider of a popular women鈥檚 health app, raised a more than $200 million Series C round backed by .

Methodology

We tracked the largest announced rounds in the SA国际传媒 database that were raised by U.S.-based companies for the seven-day period of July 27 to August 2. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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Growing up bouncing between southern Florida and Puerto Rico, knew one thing for certain 鈥� always have a Plan B.

Being raised by a single parent, money was tight. When disasters hit 鈥� such as hurricanes 鈥� hard times quickly became harder.

鈥淚 remember, I think, it was Hurricane George. It was devastating,鈥� said Henry, remembering bathing outside in what little water was available. 鈥淲e went through some rough times. But you can鈥檛 rely on others, you rely on you.鈥�

Those experiences 鈥� and that mindset 鈥� helped prepare Henry for what came last fall. Like the hundreds of thousands of other employees in the tech industry, Henry was laid off from where he was vice president of revenue.

鈥淚t was tough, but it also was an opportunity,鈥� said the 33-year-old Henry. 鈥淵ou can either cry about it or move on.鈥�

Henry moved on to Agricompa, a fintech company that enables small and medium-sized farmers in Latin America to access loans and other services specifically for them.

While many may seek out the cold comfort of a new job with a well-established company after the trauma of a layoff, Henry 鈥� and many others like him 鈥� have instead used the tech job cuts as their chance to pursue their dreams.

鈥淚n a sense, it was a relief,鈥� he said, “I could focus on what I wanted to do.鈥�

Lessons from baseball

What Henry wanted to do was help Latin American farmers after seeing firsthand many of the issues they faced.

In 2013, Henry bummed around Venezuela playing baseball after taking time off from and that school鈥檚 baseball team.

鈥淚 hung out at farms,鈥� Henry said. 鈥淚 actually did my thesis on the informal economy in Venezuela.鈥�

Even after graduating, Henry continued to hang around Latin America, first taking a baseball development job with before moving on to a sales job in Puerto Rico for 鈥� which offers credit to underserved consumers in emerging markets around the world 鈥� in 2015.

The job appealed to Henry and his personality for several reasons. First, sales stoked his competitive fire like baseball and sports did. He could prepare and plan for sales 鈥� just like he would practice and train in baseball.

鈥淲inning a sales call is like winning an at-bat,鈥� Henry recalled. 鈥淚 also liked that it’s about tribulations, persistence and consistency. In baseball, you have to learn to accept failing. I couldn鈥檛, I used to let the strikeouts get to me.

鈥淣ow, I don鈥檛 let that phase me,鈥� he said

He also fell in love with the entrepreneurial and startup aspect of the business. Lastly, he liked the impact he thought the company could have.

鈥淏ouncing between the U.S. and Latin America, I sometimes didn鈥檛 have the right paperwork or ID, so I could relate,鈥� Henry said. 鈥淚 liked the positive social impact.鈥�

After 17 months there, Henry followed that entrepreneurial spirit he fell in love with and co-founded Miami-based online real estate company before moving on to fintech identity startup MetaMap.

There, Henry led the expansion for sales, product, marketing and customer success in all of LatAm, Brazil, Africa and Southeast Asia. He helped grow revenue from zero to $18 million ARR in 18 months.

Hard times

During his time at MetaMap the seeds for his future were planted 鈥� literally.

When the pandemic hit, Henry was living in Mexico City. Not enamored with the idea of isolating with the city鈥檚 other 9 million people, he and his wife Oris went to the Dominican Republic and bought a three-acre farm.

The idea of farming and being self-sufficient appealed to Henry, and the isolation of the pandemic seemed a perfect time to try it out.

However, that would not be the only life-changing moment about to happen for Henry.

In October of last year, Henry got the call that he and his team were being laid off. His job, with a $240,000 salary and $130,000 in bonuses, was gone.

While a layoff can be a traumatic milestone for many, Henry鈥檚 baseball career would not let him see it that way.

鈥淚n sports, you can always be waived or let go,鈥� Henry said. 鈥淪o I always have the feeling you can be let go at any time.鈥�

His upbring also prepared him for such a moment. Growing up in a home where finances could sometimes be 鈥渕ismanaged鈥� taught Henry the importance of saving for a rainy day.

鈥淚 always had something saved, I always have a Plan B,鈥� he said.

Growing up in the midst of the Global Economic Crisis in 2008, also likely affected his mentality toward money and savings, he added.听

鈥淭hese crises affect how you deal with a lot of stuff,鈥� he said.

Support from those close to him also did not hurt.

鈥淢y wife always has pushed me to do my own thing,鈥� he added.

Fintech for farmers

A few days after getting the layoff notice, what would become Agricompa was founded with three of his former MetaMap partners 鈥� Pierre Antoine Rohr-Lacoste, Carlos Ruiz and .

Through talks with coffee roasters and cacao farmers in Mexico, Colombia and Africa, Henry knew small growers seemed to always suffer from cash-flow issues.听

One of the main issues is limited access to cash, Henry said. Many farmers in Latin America don鈥檛 have the paperwork or documentation for their farms, limiting the extent the property can be used as an asset.

There also is not immediate accessibility to a bank in many of these regions.

鈥淚n some of these rural areas, you can be two to three hours away from a bank,鈥� he said.

There also can be hangups in the time it takes distributors and packing companies to actually pay small farmers.

Henry knew he could help fix some of these problems.

鈥淚鈥檓 not a pro farmer, but I鈥檓 a pro at building teams and startups,鈥� he said.

While the startup is still in beta-stealth, the concept is to offer an all-in-one agro management platform that allows packing and trade companies to manage cash flow and consolidate operations while being able to pay out farmers quickly with fast and hassle-free financing and ERP solutions.

Despite not being fully launched, 150 farmers are already on the platform. The company has eight employees and plans to operate first in the Dominican, Mexico and Colombia.

The startup also has raised $100,000 from 鈥� Funded, not Fired program that is supporting laid off tech workers鈥� dream of starting their own companies.

鈥淒ay One has been great,鈥� he said 鈥淲e do a weekly call with other founders in Day One鈥檚 portfolio. It has been really helpful.鈥�

The company also has additional money from other angel investors and the like. Henry expects to start seeking out a proper Series A in the final quarter of the year.

Henry, who has always had a passion for farming and roasting coffee, has great expectations for what the company can become as he writes the next chapter of his story.

鈥淲e want to be the for agro,鈥� Henry said.

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding rounds here.

For the third week in a row, rounds were down noticeably in the U.S. Only two rounds hit nine figures 鈥� one in the health care AI sector and one to a company that has been in the news recently for layoffs and a possible sale. We wondered last week if this may have been an effect of the collapse, but perhaps there are more forces at play.

1. , $215M, health care: The use of AI for health diagnostics is front and center in the largest funding this past week to a heart precision care technology startup. The Mountain View, California-based company raised a $215 million Series F led by . Its noninvasive technology provides a 3D model to analyze the risk of a heart attack. The technology has been used so far by 180,000 patients across 725 hospital systems globally. Founded in 2010, HeartFlow has raised about $793 million, according to SA国际传媒 data.听

2. , $100M, cybersecurity: Times seem to have changed for Cybereason. The Boston-based startup raised a $100 million investment led by , but also along with it announced a CEO change. Executive Vice President of SoftBank will now serve as the company鈥檚 CEO, with , current CEO and co-founder, transitioning to the role of adviser. The news comes after in October that the company hired to find a buyer for the company. It has been the company has had two rounds of layoffs, cutting 100 jobs in June and then another 200 in October. Just more than a year ago the company confidentially filed for an initial public offering that would have valued it at more than $5 billion, at the time. In July 2021, the startup announced it had raised $275 million in a financing led by , the fund started by former U.S. Treasury Secretary . No valuation was given by the company, but reports at the time in both the newspaper in Israel and said the round valued the company at about $3.1 billion. Cybereason is one of the best-funded startups in cybersecurity, with more than $800 million raised, . Now the question is: What will investors get for all that money?

3. , $75M, robotics: It鈥檚 one thing to have robots, it’s another thing to know how to train them or tell them exactly what to do. Emeryville, California-based Covariant added an additional $75 million to its Series C 鈥� previously $80 million 鈥� to do just that. The round was co-led by returning investors and . The startup鈥檚 鈥淐ovariant Brain鈥� is a robotics platform that enables robots to interact with and learn from their environments. The platform can be used by retailers and logistics providers for warehouse work. Founded in 2017, Covariant has now raised $222 million, per the company.

4. (tied) , $50M, logistics: Thanks to the pandemic and the snarled supply chain it caused, logistic startups saw a flood of funding in 2021, with over $21 billion invested into the space, according to SA国际传媒 data. That funding cooled last year, with around $11 billion invested, a 48% drop year over year. That, however, did not stop San Marcos, California-based supply chain startup Everstream Analytics from raising a $50 million Series B funding co-led by and . The company, which was founded in 2012, provides risk performance insights in the world of logistics. It works with the various touchpoints of the supply chain system to improve efficiency. The startup has now raised $79 million, .

4. (tied) , $50M, developer tools: Engineers depend more and more on observability tools to understand what goes wrong as the cloud environment gets more complex. That likely helped San Francisco-based Honeycomb lock up a $50 million Series D led by this week. The startup has doubled its revenue 鈥� and headcount 鈥� in the past year, as engineering teams continuously seek data on how users are using applications in real time. Founded in 2016, Honeycomb says it has raised $150 million to date.

6., $41M, biotech: The promise of early diagnosis of cancer will always bring out investors, and this week Natick, Massachusetts-based Mercy BioAnalytics closed a $41 million Series A led by . The new cash will be used to further develop its Mercy Halo test for high-risk lung cancer screening. Lung cancer is the leading cause of cancer death globally 鈥� and more than 350 Americans die from lung cancer daily, per the company’s . The company also hopes to advance clinical programs to detect ovarian cancer. Founded in 2018, the company has raised more than $68 million, according to .

7. , $35M, health care: Richmond, Virginia-based Phlow is a public benefit corporation that manufactures affordable medicines using advanced technology. It raised a Series B funding from strategic partners. The company partners with hospitals, industry and the government to provide needed medicines in the U.S. Founded in 2020, the company has raised a little over $80 million, .

8. , $30M, insurance: Richmond, Virginia-based Richmond National Group, a property, casualty and professional liability insurance company, raised more than $30 million from existing shareholders including and . Founded in 2021, Richmond National has now raised听 more than $100 million, per the company.

9. , $23M, medical devices: Atlanta-based Oxos Medical, a developer of digital imaging devices, closed a $23 million Series A from and . Founded in 2016, Oxos has raised a total of $45 million, per the company.

10. (tied), $20M, cybersecurity: Herndon, Virginia-based cybersecurity startup Strivacity raised $20 million in a Series A2 led by . Founded in 2019, the company has raised more than $30 million, .

10. (tied) , $20M, agtech: Lenexa, Kansas-based Vytelle, a startup that helps cattle producers optimize their herds, raised a $20 million Series B led by . Founded in 2015, the company has raised more than $33 million, .

Big global deals

With rounds being down in the U.S., there were several larger raises abroad, including two large deals.

• India-based , a nonbanking financial company that offers consumer loans, home loans and asset management, raised a $400 million venture round.
• China-based , a foundry that implements front-end wafer manufacturing, closed a $340 million Series C.

Methodology

We tracked the largest announced rounds in the SA国际传媒 database that were raised by U.S.-based companies for the seven-day period of April 1 to 7. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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Will 2023 be the comeback year for IPOs? What will it take for the public market to thaw? Here are the SA国际传媒 News staff鈥檚 top picks for the companies we think could go public next year.听

And if some of these sound familiar, it鈥檚 because they are: In our 2022 edition of this list, we predicted many of these might go public this year. Little did we know that the IPO markets would stall. So here we are again, offering up some thoughts on who might make public debuts, if and when IPOs start happening again.

Enterprise tech and cybersecurity

: It wasn鈥檛 that long ago when Eden Prairie, Minnesota-based Arctic Wolf seemed IPO bound. The company raised $150 million in a Series F in July 2021, taking its valuation from $1.3 billion to $4.3 billion. At that time, then-CEO said an IPO was likely the next logical move. Then the market changed drastically, and in October the managed security provider raised $401 million in convertible notes led by existing investor. Convertible notes work like a short-term loan, but these notes are repaid to the investor at a later point in equity 鈥� i.e. after an IPO 鈥� typically at a discount. The managed security space can support large players and Arctic Wolf has grown large since being founded in 2012. Perhaps those notes turn to equity in 2023.

: Everyone has been on Databricks for a while. As recently , CEO talked about going public, but offered no timeline. The market has only grown colder for IPOs since then, but this is a company that ended 2021 with more than $800 million in annual recurring revenue. It鈥檚 big and growing. It also hit a post-money valuation of $38 billion after raising a $1.6 billion Series H led by in August 2021. And that big Series H came just seven months after the company raised $1 billion at a $28 billion valuation. That valuation may be what is keeping the San Francisco-based company from going public. Nevertheless, Databricks 鈥� which creates tools and products to help companies view both structured and unstructured data in a single location 鈥� could look to 2023 to finally offer employees and investors the liquidity they鈥檝e waited for.

: The supply chain is still top of mind, so maybe some company will ride that to the public market. San Francisco-based Flexport, which was on our IPO list last year, locked up a $935 million Series E in February led by and at an $8 billion valuation. The global freight forwarder and logistics platform moved nearly $19 billion in merchandise across 112 countries in 2021, even as global supply chains suffered from multiple disruptions. In total, the startup has already raised more than $2 billion, according to SA国际传媒 data. Despite a down VC market this year, logistic and supply chain startups still were able to raise cash from private investors. Maybe they can do the same with public ones?

鈥� Chris Metinko

Fintech and banking

: The most obvious and one of the most successful fintech startups to add to this list is online payments company Stripe, which is co-headquartered in London and Dublin. It is the fifth most valued startup on the The SA国际传媒 Unicorn Board, and was most recently valued in a 2021 financing at $95 billion. Founded by brothers , its CEO, and , its president, Stripe is now 12 years old and has raised more than $2 billion in funding. The company processed $640 billion in payments in 2021 up 60% from the prior year. It was said to have according to . As a result of the market correction, the company lowered its internal valuation in 2022 to $74 billion. The company filed its intention to go public in July 2021 but has not yet set a date. It cut around 1,100 jobs, or 14% of its workforce, earlier this year.

: London-based Revolut is the second most valuable European fintech, valued at $33 billion as of July 2021. The company is 7 years old and has raised $1.7 billion in funding. Founded by and , Revolut took off as it made transferring money in different currencies easy for those who work or travel in multiple countries. Revolut has not initiated layoffs in 2022 鈥� in fact, it has kept hiring. The company announced revenueof 261 million pounds in 2020 but has not posted revenue for 2021. Revolut has 25 million retail customers and applied for a banking license in the U.K. in 2021.听

: San Francisco-based Plaid connects user bank accounts to fintech apps. The company was founded nine years ago by , its CEO, and , a board member. It was last valued in Series D funding in August 2021 at $13.4 billion and has raised $734 million over time. Plaid’s revenue in 2020 was said to be in an article by Forbes. planned to purchase the company in 2020 for $5 billion, which was halted by regulators the following year. In December 2022, Plaid laid off 20% of its staff, or around 260 employees, as Peret said that slower than expected growth after the pandemic meant that Plaid鈥檚 鈥減ace of cost growth outstripped our pace of revenue growth.鈥� On the other hand, Peret also said that the number of customers Plaid serves has grown 50% in the past year.听

鈥� Gen茅 Teare

Consumer platforms and services

: Instacart is kind of the startup equivalent of the 鈥渁lways a bridesmaid never a bride鈥� cliche. It鈥檚 always high on lists of likely public market entrants, but has never actually consummated an IPO. Well, we think 2023 will be the year. (Yes, we said that last year too, but cut us some slack.) An offering started looking even more likely after the company in May that it filed a confidential draft registration with U.S. securities regulators, with a debut currently expected to come next year. The filing followed a steep write-down, as Instacart cut its valuation in March from $39 billion to $24 billion.

: Denver-based Guild was also on our list last year, but all told, it still looks like a strong IPO candidate. The Denver-based company, which offers a platform for extending employer-covered education and upskilling to workers, has raised over $640 million to date, including $265 million in a June Series F round. It鈥檚 particularly noteworthy that the company secured a big round in a period in which overall edtech funding has been declining, indicating investors see a lot to like in the business model.

: If you鈥檝e been around long enough and raised enough money, inevitably investors will be looking for a return. This notion applies quite succinctly to Faire, an online marketplace for independent retailers and brands that has raised $1.7 billion since 2017, per SA国际传媒 data. The company鈥檚 business model could also see some favorable headwinds as consumers return to local stores, which stock from its suppliers, after a pandemic-driven shift to predominantly online shopping.

: TripActions is another heavily funded company that鈥檚 often bandied about as a likely IPO candidate. The 7-year-old, Palo Alto-headquartered company provides corporate cards and expense management tools, with a focus on business travel. Startup investors certainly seem to like the brand. The company pulled in $300 million in an October Series G round at a post-money valuation of $9.2 million. TripActions also is already making progress on the IPO path 鈥� it filed confidential paperwork for an offering with the SEC, per a September report.

鈥� Joanna Glasner

Life sciences, agtech and foodtech

: We鈥檙e still waiting for Lyra 鈥� or maybe or some other teletherapy company 鈥� to go public. A first-mover teletherapy startup that took the direct-to-employer route in 2016, Lyra Health has worked with companies including , and to provide teletherapy long before insurance companies at-large embraced the practice. At the beginning of this year the startup raised $235 million in Series G funding, upping its valuation to $5.58 billion. Lyra held back during the 2021 IPO mad rush its competitor participated in, but it鈥檚 more than ready for the public markets.

: We consider vertical farming and urban farming a solid bet next year. Thin-margin grocery stores are being hit hard by logistics and supply issues, so the idea of a produce farm located close to consumers seems pretty ideal. Vertical farming startup Plenty rang in 2022 with $400 million in Series E funding, almost half of all the funding the company has raised since it got started in 2014. Plenty began building out a vertical farming 鈥渃ampus鈥� in Virginia, where it would grow strawberries for the large farming conglomerate . There aren鈥檛 that many agriculture startups that went public 鈥� almost made the leap via SPAC in 2021 until funding closed up 鈥� but Plenty seems ripe to go public.

: Armed with $1.3 billion in funding over nine funding rounds, precision medicine startup Tempus is easily one of the most intriguing companies to come out of the pandemic. Its technology platform is different from most biotech upstarts that focus on developing molecules. Tempus scooped up two clinical trial-related startups and has its hand in multiple parts of the drug-making lifespan 鈥� something we don鈥檛 see outside of giant pharma companies such as or . Tempus raised $275 million in debt financing in October for its ability to leverage AI in drug discovery and genomic sequencing.听

鈥� Keerthi Vedantam

Outside the box

: Design-software maker Canva has reeled in more than $572 million in funding and a $40 billion valuation from venture investors. The Australia-based company is known for its design software for nondesigners, but new tools rolled out this year show its ambitions are even bigger. It recently that promises to help automate marketing copywriting, around the same time that 鈥檚 ChatGPT tool set the tech world abuzz. Investors seem to be increasingly drawn to technology that automates even the most creative of fields, and Canva is at the head of the pack in that group. At least one of Canva鈥檚 biggest investors is feeling more bullish on the company again: , after the design softwaremaker was previously hit by a series of writedowns.

: We thought it鈥檇 be fun to include a name that doesn鈥檛 generally grace the likely IPO lists, and that鈥檚 where ICON comes in. The Austin-based construction technology company, known for its iconic 3D-printed homes, has raised more than $450 million in venture funding in the past five years. It鈥檚 the kind of branded, consumer-facing technology company that might benefit from the higher public profile that comes with a listing on a major exchange.

听鈥� Marlize van Romburgh and Joanna Glasner